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and comprehensive package to shrink the deficit by $1.8 trillion over 10 years and are meant the fiscal uncertainty that hampers economic growth and job creation. this remark does not represent the starting point for negotiation. represent tagamet savings and additional roadrunners for those of the. the two cannot be separated and were not separated last december when we were close to a bipartisan agreement. this budget provides achievable solutions to fiscal problems, the crucial a solution desired, we have to do more than focus on deficit and debt. the significance of balancing the budget is clear as ranking member then holland noted, i hope negotiate the groundbreaking agreement with congress to do just that as budget director oversaw three budget surpluses and worked with many on the left in right on a plan to pay off our debt. that does not mean we should make deficit reduction are one and only priority. in addition to ensuring sound fiscal fitting we will have everyone of these initiatives paid for in our deficit reduction package can i mean day donati done to the deficit. as the president ex
the nation, fiscal deficits cut three percentage gdp became more indebted. similarly per world countries, difficult to turn themselves around. fiscal surpluses. the country in particular the one that really, in 2008 to baggage in the coming out of this record new, two dozen seven, experiencing developing commodity prices. the finance minister, to spend and give it back to the people. resisted the pressure. they said to know, this money is for a rainy day. kent, of course, you know the rest of the story, the financial crisis. the deaths of the financial crisis, billions of dollars that allowed it to have a $4 billion tax growth. that is exactly. fiscal policy. hanson grasshoppers. that is discipline. clarity. the clarity, want to tell you the story. not jamaica, but the tiny elephant. in 1992 barbados faced an enormous financial interest, a potential financial crisis. the u.s., heavily dependent. the exports the rest of the world. in barbados dementia national monetary fund. barbados had what's cled a face to exchange is case the billion dollars. the country command the same way the value
. that means we're using deficit and regaining increasing competitiveness. becae a lo member states underestimated in the first years of the common currency that the pressure on competitiveness in the common currency resulted possibility of devaluation. it's huge. and if you don't improve your competitiveness, you will get major problems. it has happened in -- you will not feel it in the first years, but it will happen. and it did. therefore, we always have to -- [inaudible] member states, oblige member states to stick to european rules in, of course, a balanced way to enhance their competitiveness by structure reforms, and then we can, we have built a european mechanism through different systems to buy time until they regain access to financial markets. this worked in ireland, in portugal. in fact, in the last year we increase, by the way. i think it will work in cyprus as well. and if you look at the -- [inaudible] we have halved the national deficits in the eurozone in the last three years. delivering our commitment, by the way. we have halfved the difference in the -- halved the
Search Results 0 to 2 of about 3

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